# When Will Ethereum NFTs Bounce Back?

*Author: William M. Peaster*
*Published: Mar 15, 2024*
*Source: https://www.bankless.com/read/when-will-ethereum-nfts-bounce-back*

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Many of Ethereum's top NFT collections have been having a rough time. *Why the bleed-out, especially when the wider cryptoeconomy has been heating up recently?*

Well, a large amount of capital remained in Ethereum NFTs since the 2021 bull run. And over the past few months, new metas have surged to the forefront. 

Think [AI tokens](https://www.bankless.com/this-is-the-ai-x-crypto-cycle), the [Bitcoin Ordinals](https://www.bankless.com/the-bankless-guide-to-ordinals) boom, the explosion of [memecoins on Solana](https://www.coingecko.com/en/categories/solana-meme-coins), the return of [airdrop hunting](https://bankless.cc/3RB2FkW), and the rise of Farcaster-driven L2 mints like [Onchain Gaias](https://opensea.io/collection/onchain-gaias) on Base. 

This target-rich environment has nudged more than a few people to sell from their existing holdings, like Ethereum NFTs, to try chasing these newer, hotter metas. 

All that said, though, the Ethereum NFT scene still has a premium status and a bright future. New opportunities around crypto social and NFTfi will help ensure that. The recent [Dencun upgrade](https://www.bankless.com/dencun-will-make-ethereum-cypherpunk-again) also paved the way for more readily using L1 NFTs in L2s, a dynamic that will lead to all sorts of new powerful utilities. 

![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5d79f329-bbe3-4b41-acaa-768028ac3d10_1107x504.png)Plus, considering this current crypto bull market seems like it’s only just beginning, it’s no stretch to assume Ethereum NFTs will rally hard pretty soon. Plenty of collections here look like bargains right now, so it may be a great chance to sweep some floors!

In the meantime, get prepared by staying up to date—let’s get to the past week’s biggest NFT news highlights 👇

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# **This week in NFTs…**

### **📰 General news**
- **Achi**, the real-life inspiration of the dog wif hat meme, [is the star of a new 1/1 NFT auction on Foundation](https://twitter.com/foundation/status/1768669453456179459).
- **Dune** intro’d [new ERC-721 and ERC-1155 balance tables](https://twitter.com/DuneAnalytics/status/1767638560834760767).
- **Magic Eden** launched [Diamond claims for Ethereum NFT users](https://twitter.com/MagicEden/status/1767974564514910362).
- **Metaplex** published [its February recap](https://twitter.com/metaplex/status/1768003050965250518).
- **RMRK** outlined [its modular NFTs roadmap](https://twitter.com/RmrkApp/status/1766115996014616603).
- **Story Protocol** partnered [with AI network project Ritual](https://twitter.com/StoryProtocol/status/1768314839687139416).
- **Swamp DAO**, a collective aiming to buy Shrek’s music royalty rights, [launched on Juicebox](https://twitter.com/CupOJoseph/status/1766986087988138457).
- **The Pudgy Penguins** purchased [Noun 1029](https://twitter.com/LucaNetz/status/1766540480882323752).
- **The USPTO** published [a study on NFTs and IP law](https://twitter.com/eliana_esq/status/1767550086295257571).

### **🎨 Cryptoart & music**
- **Delivery at Dawn**, a short film backed by Nouns and raising funds for Ethereum devs, [dropped on Zora](https://twitter.com/trent_vanepps/status/1767177236967202903).
- **Distributed Gallery** unveiled [Aside, a time-lock protocol for digital art](https://twitter.com/DistribGallery/status/1767519495860490609).
- **fxhash** opened [to the public on Base](https://twitter.com/fx_hash_/status/1767974264685343005).
- **Highlight** intro’d [Highlight Studio, a tool for gen art testing](https://twitter.com/Highlight_xyz/status/1768350905613668426).
- **Jack Butcher** announced [Status, a new 1/1 in the VV Rare collection](https://twitter.com/jackbutcher/status/1768334068742013355).
- **Kraken NFT** added [support for Art Blocks](https://twitter.com/KrakenNFT/status/1768285321903423779).
- **Optimism** announced [the winners of its We ❤️ The Art contest](https://twitter.com/Optimism/status/1767266638758351191).
- **Sound** unveiled [a Channels feature](https://twitter.com/soundxyz_/status/1768317258173120686).
- **Zora Network** saw [mint costs plummet post-Dencun](https://twitter.com/js_horne/status/1768075186824163698).

### **🏆 Digital collectibles**
- **Base** dropped [a commemorative EIP-4844 mint](https://twitter.com/base/status/1768070592870379889).
- **Matt Furie** released [his Peplicator collection](https://twitter.com/Matt_Furie/status/1766371085690491264).
- **Sup** unveiled [new craftable Logos characters](https://twitter.com/supdotxyz/status/1767615680377966622).
- **Truth Arts** opened [$SWIO aidrop claims for Goblintown holders and beyond](https://twitter.com/goblintown/status/1767323509951189089).

### **📱 Onchain social**
- **Drakula**, an onchain social media app, [launched on Base](https://twitter.com/Drakulaapp/status/1768107347376013530).
- **Family** unveiled [in-wallet messaging](https://twitter.com/family/status/1768379809292530090).
- **Lens** enacted [protocol fees](https://twitter.com/StaniKulechov/status/1767982358622273651) and [hit +250k profiles](https://twitter.com/StaniKulechov/status/1767897689721590144).
- **Memeland** intro’d [Stakeland, a social staking protocol](https://twitter.com/Memeland/status/1767281372757147745?s=20).
- **Nouns** launched [its Weekly Retro Rd. 5 on Warpcast](https://twitter.com/cryptoseneca/status/1768034930108289080).
- **The Yellow Collective** dropped [a Based hoodie via Farcaster Frame mint](https://twitter.com/base/status/1767681634588148201).

### **🎮 Decentralized gaming**
- **Arbitrum DAO** proposed [a $400M growth initiative for gaming](https://twitter.com/sgoldfed/status/1767919182740373823).
- **CTG: Anon Island** is [launching on Base next month](https://twitter.com/cryptothegame_/status/1767235780915953809).
- **Immutable** is [preparing to kick off The Main Quest](https://twitter.com/Immutable/status/1767313552870949001).
- **MUD** joined [forces with CCP Games on Project Awakening](https://twitter.com/mud_dev/status/1767919408687759783).
- **Parallel** published the [Parallel Colony](https://twitter.com/ParallelTCG/status/1768426897451454698) and [Wayfinder whitepapers](https://twitter.com/AIWayfinder/status/1768426916279656508?s=20).
- **Ronin** hit [1M daily active addresses](https://twitter.com/Ronin_Network/status/1767430324475023609).
- **Treasure** added [support for bulk listings](https://twitter.com/PlayOnTreasure/status/1767966225534275596).
- **WAGMI Games** announced [its deployment on Base](https://twitter.com/WagmiGameCo/status/1767928547291644202).

### **🪙 NFTfi**
- **ArcadeDAO** is considering [a proposal to enable $ARCD transferability](https://twitter.com/Arcade_xyz/status/1768710373316628647).
- **NFTfi.com** raised [a $6 million Series A1 funding round](https://twitter.com/NFTfi/status/1767228638871822722).
- **Tensor** intro’d [the $TNSR token](https://twitter.com/TensorFdn/status/1767616700609171508?s=20).

### **🌐 Virtual worlds**
- **Decentraland DAO** announced [a Community Content Creators pilot program](https://twitter.com/DecentralandDAO/status/1767287639726866927).
- **Forgotten Runes** dropped [a new Nifty Island map](https://twitter.com/forgottenrunes/status/1767252010951205345).